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Discuss the 5 major points (hypotheses) of Watts and Zimmermans Positive Accounting Theory. a. Give examples of how managers may behave in each condition regarding

Discuss the 5 major points (hypotheses) of Watts and Zimmermans Positive Accounting Theory. a. Give examples of how managers may behave in each condition regarding accounting choice. b. With FASB moving toward more generalized guidance and relying more on professional judgment, do you believe financial reporting will become more or less susceptible to manager manipulation? Why?

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